The American Express Membership Rewards Credit Card is a versatile credit card that offers a wide range of benefits and rewards to cardholders. Here is an introduction to the card and its key features:
1. Rewards Program:
– With the American Express Membership Rewards Credit Card, you earn Membership Rewards points for your everyday spending.
– Earn 1 Membership Rewards point for every Rs. 50 spent, except for fuel, utilities, insurance, cash transactions, and EMI conversions at Point of Sale.
2. Welcome Offer:
– The card often comes with an attractive welcome offer, where you can earn bonus Membership Rewards points upon meeting the spending criteria within the specified time frame. Please check the latest offer details at the time of application.
3. Redemption Options:
– Membership Rewards points can be redeemed for a variety of options, including flight and hotel bookings, shopping vouchers, lifestyle products, and more.
– You can also transfer your points to various airline and hotel loyalty programs for enhanced value.
4. Travel Benefits:
– Enjoy exclusive travel benefits such as complimentary lounge access at select airports, travel insurance coverage, and special discounts on hotel bookings and car rentals.
5. Entertainment and Dining Privileges:
– Get access to exclusive offers and discounts on dining, entertainment, and lifestyle experiences at participating merchants.
6. Financial Flexibility:
– The card offers flexible payment options, including the ability to convert large purchases into easy monthly installments.
7. Global Acceptance:
– The American Express Membership Rewards Credit Card is widely accepted at millions of merchants in India and around the world.
Key Benefits of The American Express Membership Rewards Credit Card
EMI (Equated Monthly Installments) allows you to convert your big purchases into easy monthly payments with your American Express Credit Card. Here are the key details about American Express EMI:
1. Payment Flexibility:
– American Express EMI offers you the convenience of splitting your payments for eligible purchases into smaller, more manageable installments.
– You can choose from various tenure options, ranging from 3 to 24 months, depending on the merchant’s terms.
2. Easy Conversion Process:
– When making a qualifying purchase, you can request the EMI conversion at the Point of Sale (POS) or contact American Express customer service to convert the transaction into EMI.
3. Competitive Interest Rates:
– EMI conversions may attract interest charges, which will be communicated to you at the time of conversion.
– The applicable interest rates and any processing fees will be mentioned in your EMI conversion details.
4. No Prepayment Penalty:
– You have the flexibility to prepay the outstanding EMI amount at any time without incurring any penalty charges.
5. Eligible Transactions:
– EMI conversion is available for specific transactions, such as retail purchases, travel bookings, and more.
– Please refer to the terms and conditions or contact American Express for the list of eligible transactions.
6. Reward Points:
– When you convert a transaction into EMI, you will continue to earn Membership Rewards points based on the converted transaction amount.
Reward Programme
With the American Express Membership Rewards Credit Card, you can earn Membership Rewards points on your everyday spending. Here are the key details:
1. Earn Rate:
– You will earn 1 Membership Rewards point for every Rs. 50 spent on eligible transactions, excluding fuel, insurance, utilities, cash transactions, and EMI conversions at the Point of Sale.
2. Reward Options:
– As a cardmember, you have the opportunity to redeem your Membership Rewards points for exciting rewards from the 18 and 24 Karat Gold Collection.
- – With 24,000 Membership Rewards points, you can choose one of the following options:
- – Taj voucher worth Rs. 14,000
- – Shoppers Stop voucher worth Rs. 11,000
- – Vistara voucher worth Rs. 11,000
- – Tanishq voucher worth Rs. 10,000
- – Amazon voucher worth Rs. 9,000
- – Croma voucher worth Rs. 9,000
- – Flipkart voucher worth Rs. 9,000
- – With 18,000 Membership Rewards points, you can choose one of the following options:
- – Taj voucher worth Rs. 9,000
- – Shoppers Stop voucher worth Rs. 8,000
- – Myntra voucher worth Rs. 8,000
- – Amazon voucher worth Rs. 7,000
- – Croma voucher worth Rs. 7,000
- – Flipkart voucher worth Rs. 7,000
Offers and Privileges
1. Freedom and Convenience:
– Enjoy the flexibility to pay your Credit Card bill in full or in part, according to your preference.
– Convert your purchases into easy monthly instalments with the American Express EMI facility, making it more convenient to manage your expenses.
2. Fuel Convenience Fee Waiver:
– Benefit from exciting discounts of up to 20% every time you dine at select restaurants, adding value to your dining experiences.
3. Services on Your Card:
– Access 24×7 Card Related Assistance, providing you with support and guidance whenever you need it.
– Enjoy the peace of mind with Zero Lost Card liability, ensuring that you are protected against unauthorized transactions in case of card loss or theft.
– Experience quick and hassle-free Emergency Card Replacement services in case your card is lost or stolen.
– Make use of contactless payment technology if your American Express Card is enabled for it. Look for the contactless symbol on the front and back of your Card to identify if it supports contactless payments.
4. Dispute Resolution:
– If you encounter any issues with your transactions, American Express provides a dedicated Dispute Resolution service to help resolve them efficiently.
The American Express Membership Rewards Credit Card is designed to provide you with convenience, peace of mind, and exclusive benefits. Make the most out of your card and enjoy the privileges it offers.
Eligibility
The following eligibility criteria:
1. Personal Annual Income: My personal annual income is Rs. 6 Lakhs or above (applicable for both self-employed and salaried individuals).
2. Age: I am over 18 years of age.
3. Bank Account: I hold a savings or current account with an Indian or multinational bank in India.
4. Credit History: I have a good credit history with no payment defaults.
5. Residential Address: I have a current or permanent residential address in India.
6. Self-Employment: If self-employed, my company has been trading for more than 12 months.
By meeting these eligibility criteria, I am eligible to apply for an American Express Membership Rewards Credit Card.
Fees and Charges
Annual Fee:
– First Year Fee: Rs. 1,000 plus applicable taxes
– Second Year onwards: Rs. 4,500 plus applicable taxes
Reward Earn Rate:
Earn 1 Membership Rewards® Point for every Rs. 50 spent, except for fuel, insurance, utilities, cash transactions, and EMI conversion at the point of sale.
Fee Waiver:
The Annual Membership Renewal fee of Rs. 4,500 will be waived off under the following conditions:
– 100% waiver: If the total spends on the American Express Credit Card in the immediately preceding membership year is Rs. 1,50,000 and above.
– 50% waiver: If the total spends on the American Express Credit Card in the immediately preceding membership year is between Rs. 90,000 and Rs. 1,49,999.
FAQs:
1. What is the annual fee for the credit card?
– The annual fee for the first year is Rs. 1,000 plus applicable taxes. From the second year onwards, it is Rs. 4,500 plus applicable taxes.
2. Is there any fee waiver for the annual membership renewal?
– Yes, there is a fee waiver for the annual membership renewal based on your total spends on the credit card in the immediately preceding membership year. If your total spends are Rs. 1,50,000 and above, the annual membership renewal fee will be 100% waived off. If your total spends are between Rs. 90,000 and Rs. 1,49,999, the fee will be 50% waived off.
3. What is the reward earn rate on the credit card?
– You can earn 1 Membership Rewards® Point for every Rs. 50 spent on the credit card, excluding fuel, insurance, utilities, cash transactions, and EMI conversions at the point of sale.
Conclusion:
The American Express Credit Card offers various benefits and rewards. With an affordable annual fee and a reward earn rate for every eligible spend, cardholders can enjoy the convenience of payment flexibility and earn Membership Rewards® Points. The fee waiver for the annual membership renewal provides additional savings based on the total spends made on the card in the previous membership year. It’s a suitable choice for individuals looking for a credit card with attractive rewards and benefits.
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